Rex’s 3 QB-circus: Rex Ryan, who named Greg McElroy (center) the starter over Mark Sanchez and Tim Tebow Tuesday, watches his quarterbacks work out during yesterday’s practice. Photo: Jeff Zelevansky

REX’S 3 QB-CIRCUS: Rex Ryan, who named Greg McElroy (center) the starter over Mark Sanchez and Tim Tebow Tuesday, watches his quarterbacks work out during yesterday’s practice. (Jeff Zelevansky)

Mark Sanchez’s return to the Jets in 2013 is not a guarantee.

The team is open to all options with Sanchez, according to a source, including trading him or releasing him. The most likely scenario remains he returns next season to compete for the job because of his onerous contract.

The Jets benched Sanchez Tuesday, replacing him with Greg McElroy. The former first-round pick has gone from the future of the franchise to a burden.

A trade seems extremely difficult because it would have serious salary cap ramifications for the Jets and one league source said, “there will be no market for him. None.” Sanchez has a league-high 50 turnovers in the last two years.

No team would take Sanchez’s $8.25 million salary. The Jets would have to eat a decent amount of the money. One source estimated it would be at least $6 million. The best the Jets probably could get for Sanchez is a late-round draft pick that might improve based on Sanchez’s playing time.

A weak free-agent quarterback class would work in the Jets’ favor. A team with cap space might view him as a one-year stopgap. But his contract severely hurts the chances.

If the Jets trade him, his cap figure becomes $8.9 million plus the amount of the salary the Jets paid. So, if they paid $6 million, the cap figure becomes $14.9, that is higher than the $12.4 they would owe if they cut him with a June 1 designation.

The person making the call on Sanchez may not work for the Jets either. After another season with no playoff appearance, general manager Mike Tannenbaum could be the fall guy.

When asked if he would like to remain a Jet yesterday, Sanchez said “of course” before sidestepping all further questions about his future.

Sanchez said he understands and respects Jets coach Rex Ryan’s decision to bench him, but he doesn’t have to like it or agree with it. Sanchez would not talk about 2013.

“No, we haven’t looked ahead that way yet,” Sanchez said. “You want to be out there playing. I’m not going to just concede. You’ve got to compete, so I’ll just keep doing it.

“Rex went with a decision to go with Greg. I respect his decision. I don’t necessarily agree. But at the same time, I’ve got to help Greg and that’s really all I’m focused on.’’

Ryan did not want to talk about next year.

“Any long-term discussion would probably be better served for after the [season finale],’’ said Ryan, who had given Sanchez a glare as he walked past him on the field after Monday night’s 14-10 loss to the Titans, then told him in the postgame locker room that he had been demoted.

Sanchez said he let Ryan know he did not agree with the decision but knows it’s Ryan’s call.

“It’s disappointing,” Sanchez said. “You just hate letting other guys down on the team and that’s the worst part of it. You’re going in there, trying to play well and improve and [I] just made some bad decisions. I just have to take care of the football better and own up to my mistakes and get better.”